Geographical Advantage: Monaco is strategically located, less than two hours from most European capitals.
Climate: Offers nearly 300 sunny days a year, ensuring a high quality of life.
Safety: Monaco is a peaceful haven, offering security for daily life and investments.
Economic Growth: Under the leadership of H.S.H. Prince Albert II, Monaco provides a flourishing environment for businesses and investors.
Infrastructure: The state boasts of superior healthcare, education, cultural, and sports amenities. There’s also a robust banking sector and lucrative real estate opportunities.
Taxation: There is no personal income tax for individuals residing in Monaco, except for French nationals.
Business Environment: Monaco allows for the creation of Single Family Offices and other business entities under specific conditions.
ADMINISTRATIVE ASPECTS
State: Monaco is a constitutional monarchy, with Prince Albert II as its sovereign leader.
Government Structure: The Prince, assisted by the Minister of State, holds executive power. The National Council is responsible for legislations, budget, and international treaty ratifications.
RESIDENCY
European Economic Area nationals need a valid ID or passport to initiate relocation procedures.
Non-EEA nationals need a type-D visa from the French Embassy before applying for a Monaco residence permit.
Residency requires an accommodation in Monaco and proof of sufficient financial resources.
After 6 months, one can apply for a residence certificate for administrative purposes.
TAXATION
Income Tax: No personal income tax for non-French nationals.
Wealth Tax: None.
Property Tax: None.
Inheritance Tax: Applicable only to assets located in Monaco. Tax rates vary based on the relation with the deceased.
Gift Tax: Applicable to gifts of assets located in Monaco, with exemptions for certain charitable donations.
Trusts: Monaco recognizes foreign trusts and offers a mechanism for transferring or creating trusts under specific conditions.
Charities: Charities in Monaco are typically free from income or capital gains tax. However, there are certain conditions and taxes that may apply to donations or bequests.
CONCLUSION
Monaco, with its unique location, stable economy, and favorable tax conditions, is a highly sought-after location for individuals and businesses looking for growth, safety, and a high quality of life. However, potential residents and investors should carefully consider and plan their income and business activities, especially if they have substantial engagements outside Monaco.
